Reeves Seeks Long-Term Growth on China Visit
It follows criticism of the chancellor's trip which comes at a time of economic unease as UK borrowing costs rise.
A defiant Rachel Reeves has defended flying to China for a business trip in the face of fears that Britain is heading for an economic crisis. As the pound hit a new 14-month low and the cost of government borrowing rose again, Ms Reeves faced calls to cancel her trip and remain home to deal with the market turmoil.
MPs and peers pen letter to Rachel Reeves urging her to raise plight of detained political prisoners during China trip.
Ms Reeves is bracing herself for a report on the state of the public finances due from the Office for Budget Responsibility on March 26, and is due to reveal her spending plans in June although there are rumours at Westminster that she could make an emergency statement before then.
The value of the pound fell to its lowest level in over a year while UK borrowing costs jumped to their highest since the financial crisis
Chancellor Rachel Reeves flew to Beijing to bang the drum bang the drum for trade and rebuild ties after years of frosty relations but economic turmoil risked overshadowing the trip
The UK sticks out diplomatically and economically by refusing to impose extra tariffs on Chinese car companies. In return, Britain is hoping to boost exports of financial services in the coming years.
THERE is a “high chance” Rachel Reeves will have to raise taxes or make emergency spending cuts, experts said as she touched down in China yesterday. Economists at Barclays said surging borrowing
Sir John Gieve, former Deputy Governor at the Bank of England, said the Chancellor may have to hike taxes or impose some ‘very severe reductions and squeezes’ on public services
Rachel Reeves has said the UK has "no choice" but to engage "confidently" with China, as she arrived in Beijing to begin what she described as "financial dialogue" between the nations.
The Chancellor of the Exchequer vowed to stand firmly behind her fiscal plan when asked if she will need to rethink her economic strategy.